https://www.taxtmi.com/forum/issue?id=121166 Non-filing of Form ITC-03 after opting for the composition scheme may attract general penalty even where no input tax credit was availed or required to be reversed. One view treats filing as mandatory and considers penalty liability applicable, with discretion limited to its quantum. An alternative view treats the omission as a minor procedural breach, since no substantive credit-reversal obligation, fraud, gross negligence, or revenue loss arose. The taxpayer may establish the absence of credit requiring reversal and seek waiver or minimal penalty. en-us Thu, 08 Oct 2026 12:08:31 +0530 Thu, 08 Oct 2026 22:37:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=121166 Non-filing of Form ITC-03 after opting for the composition scheme may attract general penalty even where no input tax credit was availed or required to be reversed. One view treats filing as mandatory and considers penalty liability applicable, with discretion limited to its quantum. An alternative view treats the omission as a minor procedural breach, since no substantive credit-reversal obligation, fraud, gross negligence, or revenue loss arose. The taxpayer may establish the absence of credit requiring reversal and seek waiver or minimal penalty. Discussion-Forum GST Thu, 08 Oct 2026 12:08:31 +0530 https://www.taxtmi.com/forum/issue?id=121166